Half of Canadian banking executives surveyed feel unprepared to provide mobile banking services

TORONTO CenturyLink, Inc. (NYSE: CTL) today announced the results of a survey on the mobile banking and IT capabilities of Canada’s financial services industry. CenturyLink’s report, Banks: Customers Expect That You’re Always On and Available, Are You Ready?, reveals that nearly half (46 per cent) of Canadian banking executives surveyed do not think they have the IT infrastructure, systems and processes in place to meet present and future customer expectations for mobile payments.

“To stay competitive in a technology-driven marketplace, Canadian banks must be both financial institutions and mobile technology innovators,” said Roji Oommen, managing director of financial services at CenturyLink. “Given that many of these banks don’t believe they have the infrastructure in place to fully embrace mobile technology, strategic technology partners like CenturyLink can help identify and integrate the right IT and mobile technology solutions.”

The emergence of new debit and credit card services, mobile wallet, and online and tablet banking applications have resulted in the growth of always-on banking. While customers generally expect that banking services are available on these platforms, CenturyLink’s report reveals that even core services need improved IT. For example, more than a third (40 per cent) of C-suite financial executives surveyed don’t believe they have the IT infrastructure in place to meet customer expectations for core banking services.

CenturyLink’s report also looks at the driving factors for technology outsourcing at Canadian banks. Seventy-eight per cent of Canadian banking executives surveyed said customer demand for new digital or mobile-based services or applications would drive them to outsource more.

The report also sheds light on the current status of IT outsourcing in Canada’s financial services sector: asked what parts of their IT they currently outsource, 86 per cent of executives surveyed said they outsource for IT infrastructure requirements, while 72 per cent said they outsource for IT security. Additionally, the report also asked executives about their key requirements for an IT provider. Of executives surveyed:

  • 80 per cent said cybersecurity expertise
  • 62 per cent said infrastructure for scalable mobile applications and services
  • 40 per cent said offering public cloud infrastructure

The entire report can be downloaded at http://info.centurylinkforbusiness.com/CDA-Whitepaper-LP.html.

About CenturyLink

CenturyLink (NYSE: CTL) is a global communications, hosting, cloud and IT services company enabling millions of customers to transform their businesses and their lives through innovative technology solutions. CenturyLink offers network and data systems management, Big Data analytics and IT consulting, and operates more than 55 data centers in North America, Europe and Asia. The company provides broadband, voice, video, data and managed services over a robust 250,000-route-mile U.S. fiber network and a 300,000-route-mile international transport network. Visit CenturyLink for more information.